Jan 11, 2021 10:31 AM IST
The proposal includes “discounted MDR on RuPay to make it competitive with Visa and Mastercard” bank cards, and flat, “slab-based MDR on UPI transactions.”
Jul 22, 2020 03:43 PM IST
For digital payments to grow, India needed to reward innovation and risk-taking abilities, they say.
Jun 10, 2020 08:23 PM IST
The new norms not only adds flexibility and control but also creates scope for innovation.
Jan 29, 2020 08:32 PM IST
It is hoped that the requests of the NPCI, IBA, PCI and the like will bear fruit, however indications so far are that zero MDR is here to stay.
Jan 07, 2020 09:15 AM IST
No income from transactions could make businesses unviable for key stakeholders, which could lead to investors shying away.
Jan 06, 2020 04:58 PM IST
With banks forced to bear processing charges on RuPay cards, they were more likely to issue Mastercard and Visa cards
Jan 03, 2020 04:17 PM IST
Non-complaint businesses would face a daily penalty of Rs 5,000.
Sep 27, 2018 08:50 PM IST
"None of the banks have reimbursed for transactions processed from 1st January 2018 till date," PCI chairman Vishwas Patel said in a statement.
Dec 16, 2017 10:28 AM IST
MDR is charged on payments made to merchants through BHIM UPI platform and AePS (Aadhaar enabled Payment System).
Mar 16, 2017 09:38 PM IST
Such companies feel the central bank's draft proposal seeking changes to the fee regime on debit cards will kill innovation in the payments business.
Feb 27, 2017 08:47 AM IST
The impasse over the payment of merchant discount rate (MDR) charges on fuel purchases via debit cards seems to have reached a conclusion with oil retailing companies - Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp - agreeing to pay the charges, at least until March 31, reports the Mint today.
Jan 09, 2017 05:40 PM IST
This is to help the small merchants overcome the apprehensions towards joining this journey by installation of Point of Sale (PoS) terminals in their shops.
Jan 09, 2017 03:42 PM IST
Credit and debit cards will continue to be accepted at petrol pumps even after January 13 without customers having to pay transaction charges, the government said today.
Jan 09, 2017 08:42 AM IST
The spat between banks and petrol pumps is likely to blow a hole in Prime Minister Modi‘s digital India dreams. While petrol pumps pan-India have for now deferred their decision to decline debit and credit card payments for fuel sales until January 13, the matter might raise its ugly head again soon.
Jan 09, 2017 08:00 AM IST
To promote cash-less transactions, the government had waived the Merchant Discount Rate (MDR) on fuel purchase post demonetisation for consumers. But after the expiry of the 50-day window, the banks have decided to levy MDR on petrol pump owners.
Jan 04, 2017 08:12 AM IST
"The MDR charges waiver has been extended till January 7 and the review would be done after that," Citi India spokesperson said.
Nov 24, 2016 07:56 AM IST
Country's largest private sector lender ICICI Bank announced waiving the MDR on debit card transactions at all merchants serviced by its merchant acquiring arm ICICI Merchant Services IMSL.
Nov 23, 2016 10:10 PM IST
Private sector lenders ICICI
Bank, Axis Bank and Yes Bank joined their public sector peers
to waive the merchant discount rate (MDR) levied on merchants
while accepting digital debit card payments from customers.
Nov 22, 2016 02:03 PM IST
According to a CNBC-TV18 report, PMO has asked card companies (both RuPay and private card companies) and banks (both public and private banks) to waive the transaction fees also called merchant discount rate (MDR) on debit card usage.